- oil product stockpiles climb for the first time in three weeks
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the Fujairah bunker market has seen low demand while spot market trading activity in the key bunkering hub of Singapore is “healthy,”
Oil product stockpiles at the UAE’s Port of Fujairah climbed to a two-week high, the first gain in three weeks, led by increases in fuels for marine bunkers and power generation says an article on SP Global.
Inventory climbs up
The total inventory on Aug. 9 was 19.349 million barrels, up 2.2% from a week earlier and the most since July 26, according to Fujairah Oil Industry Zone data provided. Heavy distillates, which include fuel for power generation and marine bunkers, climbed 5.2% to 10.85 million barrels as of Aug. 9, after hitting a three-month low on Aug. 2.
Slowdown due to India monsoon
“The slowdown in Fujairah may be related to India’s monsoon season when shipments of weather-sensitive dry bulk items such as sugar and cotton can be disrupted”, according to Apurva Mali, founder of bunker supplier Masc Co. DMCC in Dubai.
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Source: SP Global
